Tom Petty's stolen guitars found, man arrested

(CBS/AP) Tom Petty and his band can rest easy now.

Police in Southern California announced Tuesday that Petty's five stolen guitars had been recovered and a security guard believed  responsible for their disappearance  was under arrest.

Read More: Tom Petty guitars stolen in Southern Calif.

Police identified the arrested man as Daryl Emmette Washington, 51, of Los Angeles, a private security guard at The Culver Studios lot.

Police Chief Don Pedersen said the break in the case came when the suspect pawned one of the guitars at a Hollywood pawn shop for $250.

"Mr. Petty would have joined us, but he's preparing for a concert in Denver," said Pedersen, who described the stolen guitars as collectively worth $100,000.

The instruments were reported stolen last Thursday from The Culver Studios, a sprawling complex of soundstages west of downtown Los Angeles where Tom Petty and the Heartbreakers had been rehearsing for an upcoming tour.

Their return comes as the band prepared to kick off its  tour Wednesday in Broomfield, Colo.